AkzoNobel and Axalta Coating Systems have signed a definitive all-stock merger agreement that will create one of the world’s largest coatings companies. The combined group is expected to generate roughly $17 billion in annual revenue, with an enterprise value of about $25 billion. The new company will be listed exclusively on the New York Stock Exchange (NYSE) and will operate dual headquarters in Amsterdam and Philadelphia, with a presence in more than 160 countries.
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The merger targets cost synergies of about $600 million, with around 90% estimated to be achieved within the first three years. Their complementary portfolios span decorative paints, industrial coatings, automotive, marine, and aerospace applications, resulting in a robust collection of nearly 100 global brands supported by 173 production sites, 91 R&D centers, and an annual innovation budget exceeding $400 million.
Greg Poux-Guillaume, CEO of AkzoNobel, will lead the newly formed company: “This merger allows us to accelerate growth by combining complementary technologies, deep expertise and highly skilled teams to unlock the full potential of the new organization.”
Chris Villavarayan, Axalta’s CEO and incoming Deputy CEO, adds that the agreement “strengthens competitive advantage and opens new growth avenues through deeper customer relationships and enhanced innovation capabilities.”
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